Reddit (NYSE:RDDT) Hits New 12-Month High After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s share price reached a new 52-week high during trading on Thursday after JMP Securities raised their price target on the stock from $84.00 to $118.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $119.17 and last traded at $116.38, with a volume of 629567 shares. The stock had previously closed at $116.05.

Several other research firms also recently weighed in on RDDT. Piper Sandler reiterated an “overweight” rating and issued a $115.00 target price (up previously from $70.00) on shares of Reddit in a research note on Wednesday. Roth Mkm upped their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday. Raymond James increased their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Morgan Stanley boosted their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC lifted their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Trading of Reddit

Several large investors have recently modified their holdings of RDDT. VY Capital Management Co. Ltd. acquired a new position in Reddit during the 3rd quarter worth $474,403,000. Inclusive Capital Partners L.P. bought a new stake in Reddit during the 1st quarter valued at approximately $103,051,000. Vanguard Group Inc. bought a new position in Reddit in the 1st quarter worth approximately $82,167,000. Bank of New York Mellon Corp lifted its holdings in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after acquiring an additional 457,588 shares during the period.

Reddit Stock Performance

The company’s 50 day moving average is $69.05 and its 200 day moving average is $61.61.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities analysts predict that Reddit, Inc. will post -4.05 earnings per share for the current year.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.